First Solar Signs Definitive Agreements to Sell Japan Project Development and O&M Platforms to PAG Real Assets
May 16 2022 - 4:05PM
First Solar, Inc. (Nasdaq: FSLR) today announced that it has
entered into definitive agreements with funds managed by PAG Real
Assets (“PAG”), pursuant to which PAG will acquire from First Solar
its 293 megawatts (MW)DC utility-scale solar project development
platform, and a solar operations and maintenance (O&M) platform
with approximately 665 MWDC under management, in Japan. The
transaction is expected to close in the second quarter of 2022 for
the project development platform and the second half of 2022 for
the O&M platform, in each case after obtaining regulatory
approvals, the receipt of third-party consents and satisfying other
customary closing conditions.
PAG is a leading Asia Pacific-focused private
investment manager with more than $50 billion in assets under
management. Subject to closing of the project development platform
acquisition, PAG is expected to add First Solar’s project
development platform to its existing portfolio of solar farms in
Japan, creating one of Japan’s largest renewable operators with
over 600 MWDC of capacity. In 2021, PAG acquired two projects under
development by First Solar in Japan with a total capacity of 50
MWDC. Upon each respective closing, the majority of First Solar
project development and O&M employees in Japan will join
PAG.
Jon-Paul Toppino, executive director and
president of PAG, said, “First Solar has an unmatched reputation in
this region and we are pleased to have such an experienced,
professional team join the PAG family. This transaction further
positions PAG as a leading player in renewable energy in Japan and
will serve as a key building block for our future investment in the
sector.”
“PAG’s commitments to integrity, transparency
and sustainability, and its experience managing and operating a
wide range of assets, make it the ideal acquirer of our
industry-leading platforms in Japan,” said Mark Widmar, chief
executive officer, First Solar. “The sale of these platforms marks
the completion of First Solar’s strategic shift to focus on
developing, scaling, and selling our advanced module
technology.”
First Solar is the only US-headquartered company
among the world’s ten largest solar manufacturers. The company is
building two new manufacturing facilities in the United States and
India, which will double its nameplate manufacturing capacity to 16
gigawatts (GW)DC in 2024.
About PAG PAG is a leading
alternative investment firm focused on APAC with three core
strategies: Credit & Markets, Private Equity, and Real Assets.
Founded in 1997 as Secured Capital Japan, PAG Real Assets has
invested $32 billion across more than 7,000 properties across the
Asia-Pacific region. PAG manages capital on behalf of nearly 300
institutional fund investors, including some of the most
sophisticated global asset allocators. As of 31 December 2021, PAG
had 293 investment professionals in 12 key offices globally. PAG
has more than $50 billion in assets under management. For more
information, please visit www.pag.com.
About First Solar, Inc.First
Solar is a leading American solar technology company and global
provider of responsibly produced eco-efficient solar modules
advancing the fight against climate change. Developed at R&D
labs in California and Ohio, the company’s advanced thin film
photovoltaic (PV) modules represent the next generation of solar
technologies, providing a competitive, high-performance,
lower-carbon alternative to conventional crystalline silicon PV
panels. From raw material sourcing and manufacturing through
end-of-life module recycling, First Solar’s approach to technology
embodies sustainability and a responsibility towards people and the
planet. For more information, please visit www.firstsolar.com.
For First Solar InvestorsThis
press release contains various “forward-looking statements” which
are made pursuant to safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. These forward-looking
statements include, but are not limited to, statements concerning
(1) First Solar’s entry into definitive agreements to sell a
project development platform of approximately 293 MWDC, as well as
an O&M platform of approximately 665MWDC under management, in
Japan, which is subject to the closing of the platforms’
acquisition, and (2) First Solar’s plans to establish new factories
in the United States and India and the Company’s expected resulting
nameplate capacity in 2024. These forward-looking statements are
often characterized by the use of words such as “estimate,”
“expect,” “anticipate,” “project,” “plan,” “intend,” “seek,”
“believe,” “forecast,” “foresee,” “likely,” “may,” “should,”
“goal,” “target,” “might,” “will,” “could,” “predict,” “continue”
and the negative or plural of these words and other comparable
terminology. Forward-looking statements are only predictions based
on First Solar’s current expectations and First Solar’s projections
about future events and therefore speak only as of the date of this
release. You should not place undue reliance on these
forward-looking statements. First Solar undertakes no obligation to
update any of these forward-looking statements for any reason,
whether as a result of new information, future developments or
otherwise. These forward-looking statements involve known and
unknown risks, uncertainties, and other factors that may cause
First Solar’s actual results, levels of activity, performance, or
achievements to differ materially from those expressed or implied
by these statements. These factors include, but are not limited to,
the expected timing and likelihood of completion of the
transactions; the timing, receipt and terms and conditions of any
third-party consent or governmental approvals required in respect
of the transactions referred to herein that could cause the parties
to abandon one or more of such transactions; the occurrence of any
event, change or other circumstances that could give rise to the
termination of the definitive agreements referred to herein; the
risk that the parties may not be able to satisfy the conditions to
one or more of such transactions in a timely manner or at all; and
the matters discussed under the captions “Risk Factors” and
“Management’s Discussion and Analysis of Financial Condition and
Results of Operations” of our most recent Annual Report on Form
10-K and our subsequently filed Quarterly Reports on Form 10-Q, as
supplemented by our other filings with the Securities and Exchange
Commission.
ContactsFirst
Solar Mediamedia@firstsolar.com |
First Solar Investor
Relationsinvestor@firstsolar.com |
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